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Table 25. Baby boomers (Age in 2012: 46 to 65 years old; Age in 2035: 66 to 85 years old) 34 Multiple studies show that people over age 45 prefer to stay in their home or community as long as possible, including multiple surveys by AARP (see http://www.aarp.org/research/surveys). The AARP survey Home and Communitl Preferences of the 45+ Popidation shows that 85% of respondees want to stay in their current residence and community as long as possible. Page 96 ECONorthwest Part 11 — Eugene Housing Needs Analysis Baby boomers are the fastest growing segment of Lane County's population. • People over 65 years are forecasted to grow from 13% of Lane County's Demographic population in 2000 to 21 % in 2030. trends • Growth in people over 65 years old in Lane County will result in growth of nearly 47,000 people in this age group in Lane County or 44% of population growth over the 2000 to 2030 period. Age of Eugene's older householders are more likely to own their home. household • Homeownership peaks for householders 45 to 74. More than 70% of head householders 45 to 74 in Eugene are homeowners. • A majority of people over 45 years old express an interest in remaining in their home or in their community as long as possible .34 • Homeownership begins to decrease for households over 75 years old. About 66% of householders over 75 in Eugene are homeowners. • About 67% of people over 65 years live in a single-family house (either detached or attached), with 54% of people over 75 years living in a single-family house. a� • About 20% of people over 65 live in a multi -family unit. E) Household Household size decreases with age after age 65 in Eugene. v size and • About 56% of households 65 to 74 have two or more persons. composition . About 43% of households 75 years and older have two or more persons. • More than one-quarter of households 65 years and older are single -person households. _ • Growth in households 65 years and older will result in growth in single -person = households. 0 c Household Eugene's household income peaks around age 55. L income . Household income decreases after age 65. About 60% of Eugene's households 0 over 65 had income of less than $50,000, compared with 45% of households 45 to 64. ,� • Households with householders over 65 years have a lower than average LU household income, at about 80% of Eugene's median household income. • Lower income does not necessarily result in greater problems with housing affordability or lower homeownership rates for people over 65 years because: • Nearly three-quarters of the lowest income householders (making less than $20,000 in the year 2000) over 65 were homeowners. • Some householders over 65 have paid off their mortgage. For households who have paid off their mortgage, lower income does not necessarily result in lower disposable income or affect their ability to continue to own their home. • Older households may have more accumulated wealth, which could include assets like the value of their house or investments. 34 Multiple studies show that people over age 45 prefer to stay in their home or community as long as possible, including multiple surveys by AARP (see http://www.aarp.org/research/surveys). The AARP survey Home and Communitl Preferences of the 45+ Popidation shows that 85% of respondees want to stay in their current residence and community as long as possible. Page 96 ECONorthwest Part 11 — Eugene Housing Needs Analysis